LETTER | M40 no longer govt's 'forgotten child' under Pemulih

LETTER | The M40 group is often treated as the "forgotten child" by the government. On the one hand, the government thinks that we have better means to keep our heads above water compared with the B40 segment. This is why we do not qualify for a lot of aid, like the Bantuan Prihatin Rakyat (BPR) which was targeted at the B40.

On the other hand, we are not like the T20 segment with the financial wherewithal to see them through tough times like now.

Over the past year, the government has announced a slew of financial aid packages like Prihatin, Permerkasa and Penjana that help the hardest-hit groups cope with the economic fallout arising from the restrictive business conditions due to the Covid-19 pandemic.

Often, it's the B40 who received the most attention. I am not saying that the government should not help the bottom 40 percent of Malaysians in terms of household incomes. They deserve most of the help. But many in the M40 are also in dire straits and need a lifeline.

So, it was a great relief for me when I heard Prime Minister Muhyiddin Yassin announce on Monday the Pemulih financial rescue package. This time, I was pleasantly surprised that the M40 segment was no longer made to feel left out like before.

For one, the M40 now qualifies for automatic approval of bank loan moratorium applications. In the previous financial packages from Oct 2020, this was opened only to the B40. The icing on the cake was when the finance minister announced yesterday that he had asked banks to waive the compounding interests for the loans.

For me, and I believe many others, this has given us a breathing space amid our shrinking wallets brought about by the pandemic.

The i-Citra scheme under the Employees Provident Fund (EPF) which allows depositors to make withdrawals from the savings can also help tide us over during the hard times. This will buy us some time before the economy picks up again as we inch closer to herd immunity by year-end or earlier.

Another departure from Pemulih is the Socso wage subsidy programme. Previously, companies can only claim the subsidy only for workers earning less than RM4,000. As a result, many M40 workers were let go by their employers. But with their inclusion under Pemulih's wage subsidy programme, I believe many M40 jobs can be saved.

I was also pleasantly surprised that for the first time, the M40 would be receiving the BPR. Previously, it was only for the B40 group. While the RM250 allocated to each M40 household may not be a lot, it goes some way in showing that the government has not forgotten about us.

At long last, the M40 can no longer say they are the government's stepchildren. For that, credit must be given where credit is due.

The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.